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Year 2014, Volume: 28 Issue: 1, 125 - 147, 03.02.2014

Abstract

The purpose of this paper is to empirically investigate the impact of trade openness and financial development on foreign direct investment in OECD countries over the period 1996-2011. By using the systemGMM estimator suggested for linear dynamic panel data models, we find that trade openness and financial development are positively associated with foreign direct investment in the long-run. By using Granger causality test based on panel VAR model, we also determine the causal relationship running from these variables to foreign direct investment over the period. Thus, the empirical results imply that trade openness and financial development are the determinants of foreign direct investment in OECD countries. This paper may also provide some policy implications.

References

  • Agiomirgianakis, G., Asteriou, D. and Papathoma, K. (2006), “The Determinants of Foreign Direct Investment: A Panel Data Study for The OECD Countries”, City University, Department of Economics, Discussion Paper Series, No.3.
  • Aizenman, J. and Noy, I. (2006), “FDI and Trade: Two-way linkages?”, The Quarterly Review of Economics and Finance, 46: 317-337.
  • Alam, A. and Shah, Z.A. (2013), “Determinants of Foreign Direct Investment in OECD Member Countries”, Journal of Economic Studies, 40(4): 5155
  • Alfaro, L., Kalemli-Ozcan, S. and Volosovych, V. (2008), “Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation”, The Review of Economics and Statistics, 90(2): 347-368. Al Mulali, U. and Sab, C.N.B.C. (2012), “The Impact of Energy Consumption and CO2 Emissions on the Economic and Financial Development in 19 Selected Countries”, Renewable and Sustainable Energy Reviews, 16: 4365-4369.
  • Al Nasser, O. M. and Gomez, X. G. (2009), “Do Well-Functioning Financial Systems Affect the FDI Flows to Latin America”, International Research Journal of Finance and Economics, 29: 60-75.
  • Ang, J. B. (2008), “Determinants of Foreign Direct Investment in Malaysia”, Journal of Policy Modelling, 30(1): 185-189.
  • Anyanwu, J. C. (2011), “Determinants of Foreign Direct Investment Inflows to Africa, 1980-2007”, Working Paper No. 136, African Development Bank.
  • Arellano, M. and Bond, S. (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58: 277-297.
  • Arellano, M. and Bover, O. (1995), “Another Look at the Instrumental Variable Estimation of Error-components Models”, Journal of Econometrics, 68: 29Asiedu, E. (2006), “Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability”, The World Economy, 29(1): 63-77.
  • Baltagi, B. H., Egger, P. and Pfaffermayr, M. (2008), “Estimating Regional Trade Agreement Effects on FDI in an Interdependent World”, Journal of Econometrics, 145(1-2): 194-208.
  • Bartels, F. L. and De Crombrugghe, S.A. (2009), “FDI Policy Instruments: Advantages and Disadvantages, Working Paper No.1, UNIDO.
  • Bencivenga, V. R. and Smith, B. D. (1991), “Financial Intermediation and Endogenous Growth”, Review of Economics Studies, 58(2): 195-209.
  • Bengoa, M. and Sanchez-Robles, B. (2003), “Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America”, European Journal of Political Economy, 19: 529-545.
  • Bilgili, F., Tülüce, N.S.H. and Dogan, I. (2012), “The Determinants of FDI in Turkey: A Markov Regime-Switching Approach”, Economic Modelling, 29: 1161-1169.
  • Blundell, R. and Bond, S. (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87: 1151
  • Bond, S., Hoeffler, A. and Temple, J. ( 2001), “GMM Estimation of Empirical Growth Models”, Center for Economic Policy Research, Discussion Papers, No. 3048.
  • Borensztein, J., De Gregoria, J. and Lee, J. W. (1998), “How Does Foreign Direct Investment Affect Economic Growth?”, Journal of International Economics, 45: 115-135.
  • Busse, M. and Hefeker, C. (2007), “Political Risk, Institutions and Foreign Direct Investment”, European Journal of Political Economy, 23(2): 397-4
  • Campos, N. F and Kinoshita, Y.J. (2003), “Why Does FDI Go Where it Goes?: New Evidence from the Transition Economies”, IMF Working Paper, WP/03/228, November.
  • Campos, N. F. and Kinoshita, Y.J. (2008), “Foreign Direct Investment and Structural Reforms: Evidence from Eastern Europe and Latin America”, IMF Working Paper, No.08, International Monetary Fund.
  • Chakrabarti, A. (2001), “The Determinants of Foreign Direct Investment: Sensitivity Analyses of Cross-Country Regressions, Kyklos, 54: 89-114. Dees, S. (1998), “Foreign Direct Investment in China: Determinants and Effects”, Economics of Planning, 31: 175-194.
  • Desai, M. A., Foley, C. F. and Hines, J. R. (2006), “Capital Controls, Liberalizations, and Foreign Direct Investment”, The Review of Financial Studies, 19(4): 1433-1464.
  • Dunning, J. H. (1981), “Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Developmental Approach”, Weltwirtschaftliches Archiv, 122: 667­677.
  • Dunning, J. H. (1993), Multinational Enterprises and the Global Economy, Workingham: Addison Wesley.
  • Dutta, N. and Roy, S. (2011), “Foreign Direct Investment, Financial Development and Political Risks”, The Journal of Developing Areas, 44(2): 303-327.
  • Edwards, S. (1992), “Trade Orientation, Distortions and Growth in Developing Countries”, Journal of Development Economics, 39: 31-57.
  • Edwards, S. (1990), “Capital Flows, Foreign Direct Investment, and DeptEquity Swaps in Developing Countries”, NBER Working Paper, No. 34
  • Gast, M. (2005), Determinants of Foreign Direct Investment of OECD Countries 1991-2001, Paper prepared for presentation at the 99th seminar of the EAAE (European Association of Agricultural Economists), ‘The Future of Rural Europe in the Global Agri-Food System’, Copenhagen, Denmark, August 24-27.
  • Gast, M. and Herrmann, R. (2008), “Determinants of Foreign Direct Investment of OECD Countries 1991-2001”, International Economic Journal, 22(4): 509-524.
  • Gastanaga, V. M., Nugent, J. B. and Pashamova, B. (1998), “Host Country Reforms and FDI Inflows: How Much Difference Do They Make?”, World Development, 26(7): 1299-1314.
  • Giles, J. A. and Williams, C. L. (2000), “Export-Led Growth: A Survey of the Empirical Literature and Some Noncausality Results”, Part 1, Journal of International Trade and Economic Development, 9: 261-337.
  • Henry, P. B. (2000), “Do Stock Market Liberalizations Cause Investment Booms?”, Journal of Financial Economics, 58(1-2): 301-334.
  • Hussain, F. and Kimuli, C. K. (2012), “Determinants of Foreign Direct Investment Flows to Developing Countries”, SBP Research Bulletin, 8(1): 13-31.
  • Hymer, S. H. (1976), The International Operations of National Firms: A Study of Direct Foreign Investment, Cambridge, MA: The MIT Press. Im, K.S., Pesaran, M.H. and Shin, Y. (2003), “Testing for Unit Roots in Heterogenous Panels”, Journal of Econometrics, 115: 53-74.
  • Katırcıoglu, S.T. and Naraliyeva, A. (2006), “Foreign Direct Investment, Domestic Savings and Economic Growth in Kazakhstan: Evidence From Cointegratıon and Causality Tests”, Investment Management and Financial Innovations, 3(2): 34-45.
  • Khamfula, Y. (2007), “Foreign Direct Investment and Economic Growth in EP and IS Countries: The Role of Corruption”, The World Economy, 30(12): 1843-1854.
  • Kholdy, S. and Sohrabian, A. (2005), “Financial Markets, FDI, and Economic Growth: Granger Causality Tests in Panel Data Model”, Working Paper, California State Polytechnic University.
  • Kinda, T. (2010), “Investment Climate and FDI in Developing Countries: FirmLevel Evidence”, World Development, 38(4): 498-513.
  • Kravis, I. B. and Lipsey, R. E. (1982), “The Location of Overseas Production for Exports by US Multinational Firms”, Journal of International Economics, 12: 201-223.
  • Krugman, P. and Helpman, E. (1988), Imperfect Competition and International Trade: Evidence from Fourteen Industrial Countries, Cambridge: Harvard University Press.
  • Lee, C. and Chang, C. (2009), “FDI, Financial Development, and Economic Growth: International Evidence”, Journal of Applied Economics, 12(2): 249-2
  • Lim, D. (1983), “Fiscal Incentive and Direct Foreign Investment in Less Developed Countries”, The Journal of Development Studies, 19: 2072
  • Maddala, G.S. and Wu, S. (1999), “A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test”, Oxford Bulletin of Economics and Statistics, 61: 631-652.
  • Mc Kinnon, R. (1973), Money and Capital in Economic Development, Washington, DC: Brookings Institution.
  • Mc Millan, S. (1999), Foreign Direct Investment in Three Regions of the South at the End of the Twentieth Century, Macmillan Press, London.
  • Mudakkar, S.R., Zaman, K., Shakir, H., Arif, M., Naseen, I. and Naz, L. (2013), “Determinants of Energy Consumption Function in SAARC Countries: Balancing the odds”, Renewable and Sustainable Energy Reviews, 28: 566-5
  • Mundell, R. A. (1957), “International Trade and Factor Mobility”, American Economic Review, 47: 321­335.
  • Obwona, M. (2001), “Determinants of FDI and Their Impact on Economic Growth in Uganda”, African Development Review, 13: 46-81.
  • OECD (2012), OECD International Direct Investment Statistics, OECD Publishing.
  • OECD (2013a), OECD Factbook: Economic, Environmental and Social Statistics, http://www.oecd-ilibrary.org/sites/factbook-2013-en/ 04/02/01 /index.html?itemId=/content/chapter/factbook-2013-34-en (Erişim tarihi: 14.11.2013)
  • OECD (2013b), FDI in Figures, http://www.oecd.org/daf/inv/investmentpolicy/FDIinFiguresOctober2013.pdf (Erişim tarihi: 13.11.2013)
  • Onyeiwu, S. and Shrestha, H. (2004), “Determinants of Foreign Direct Investment in Africa”, Journal of Developing Societies, 20(1): 89-106.
  • Özcan, B. ve Arı, A. (2010), “Doğrudan Yabancı Yatırımların Belirleyicileri Üzerine Bir Analiz: OECD Örneği”, Ekonometri ve İstatistik, 12: 65-88. Peroviç, L.M. and Golem, S. (2013), “The Determinants of Sectoral Inward FDI Performance Index in OECD Countries”, International Journal of Economics and Finance Studies, 5(2): 35-44.
  • Piteli, E. E. N. (2009), “Foreign Direct Investment in Developed Economies: A Comparison between European and Non-European Countries”. Working Paper, No. 44, DYNERG.
  • Poelhekke, S. and van der Ploeg, F. (2008), “Growth, Foreign Direct Investment and Urban Concentration: Unbundling Spatial Lags”, DNB Working Paper Working Paper, No. 195/2008.
  • Rajan, R. J. and Zingales, L. (2003), Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity, Princeton University Press, Princeton, NJ.
  • Sadorsky, P. (2011), “Financial Development and Energy Consumption in Central and Eastern European Frontier Economies”, Energy Policy, 39: 999-1006.
  • Sahu, K.K. (2013), “Does Urbanisation Promote Foreign Direct Investment? Lessons and Evidences from China and India”, International Journal of Arts and Commerce, 2(3): 17-26.
  • Salahuddin, M., Shahbaz, M. and Chani, M. I. (2010), “A Note on Causal Relationship between FDI and Savings in Bangladesh”, Theoretical and Applied Economics, 11: 53-62.
  • Schneider, F. and Frey, B. (1985), “Economic and Political Determinants of Foreign Direct Investment”, World Development, 13(2): 161-175.
  • Sekkat, K. and Veganzones-Varoudakis, M. A. (2007), “Openness, Investment Climate, and FDI in Developing Countries”, Review of Development Economics, 11(4): 607-620.
  • Sevestre, P. (2008), The Econometrics of Panel Data: Fundamentals and Recent Developments in Theory and Practice, Springer, Netherlands. Shaw E. (1973), Financial Deepening in Economic Development, New York: Oxford University Press.
  • Sit, V.F.S. (2001), “Globalization, Foreign Direct Investment, and Urbanization in Developing Countries”, World Bank Discussion Paper, No. 415, 11
  • Trevino, L. J., Thomas, D. E. and Cullen, J. (2008), “The Three Pillars of Institutional Theory and FDI in Latin America: An Institutionalization Process”, International Business Review, 17(1): 118-133.
  • UNCTAD (2012), World Investment Report: Towards A New Generation of Investment Policies, Genova.
  • Voyer P. A. and Beamish P. W. (2004), “The Effect of Corruption on Japanese Foreign Direct Investment”, Journal of Business Ethics, 50: 211-224.
  • Waldkirch, A. (2010), “The Effects of Foreign Direct Investment in Mexico since NAFTA”, World Economy, 33(5): 710-745.
  • Wei, S. (2000), “How Taxing is Corruption on International Investors?”, The Review of Economics and Statistics, 82(1): 1-11.
  • Wheeler, D. and Mody, A. (1992), “International Investment Location Decisions: The Case for U.S. Firms”, Journal of International Economics, 33: 57-76.
  • Yartey, C. A. and Adjasi, C. K. (2007), “Stock Market Development in SubSaharan Africa: Critical Issues and Challenges”, IMF Working Paper, No.07/209.

TİCARİ AÇIKLIK VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLAR ÜZERİNDEKİ ETKİSİ: OECD ÜLKELERİ ÜZERİNE DİNAMİK PANEL VERİ ANALİZİ

Year 2014, Volume: 28 Issue: 1, 125 - 147, 03.02.2014

Abstract

Bu çalışmanın amacı, 1996-2011 döneminde OECD ülkeleri için
ticari açıklık ve finansal gelişmenin doğrudan yabancı yatırımlar üzerindeki
etkisini ampirik olarak araştırmaktır. Lineer panel veri modelleri için önerilen
sistem GMM tahmincisi kullanılarak, ticari açıklık ve finansal gelişme
değişkenlerinin uzun dönemde doğrudan yabancı yatırımlar ile pozitif olarak
ilişkili olduğu belirlenmiştir. Panel VAR modeline dayalı Granger nedensellik
test sonuçları ise bu değişkenlerden doğrudan yabancı yatırımlara doğru işleyen
bir nedensellik tespit etmiştir. Böylece, ampirik sonuçlar OECD ülkelerinde
ticari açıklık ve finansal gelişmenin doğrudan yabancı yatırımların belirleyicileri
olduğunu ortaya koymaktadır. Bu çalışma, bazı politika çıkarımları
sunabilmektedir.

References

  • Agiomirgianakis, G., Asteriou, D. and Papathoma, K. (2006), “The Determinants of Foreign Direct Investment: A Panel Data Study for The OECD Countries”, City University, Department of Economics, Discussion Paper Series, No.3.
  • Aizenman, J. and Noy, I. (2006), “FDI and Trade: Two-way linkages?”, The Quarterly Review of Economics and Finance, 46: 317-337.
  • Alam, A. and Shah, Z.A. (2013), “Determinants of Foreign Direct Investment in OECD Member Countries”, Journal of Economic Studies, 40(4): 5155
  • Alfaro, L., Kalemli-Ozcan, S. and Volosovych, V. (2008), “Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation”, The Review of Economics and Statistics, 90(2): 347-368. Al Mulali, U. and Sab, C.N.B.C. (2012), “The Impact of Energy Consumption and CO2 Emissions on the Economic and Financial Development in 19 Selected Countries”, Renewable and Sustainable Energy Reviews, 16: 4365-4369.
  • Al Nasser, O. M. and Gomez, X. G. (2009), “Do Well-Functioning Financial Systems Affect the FDI Flows to Latin America”, International Research Journal of Finance and Economics, 29: 60-75.
  • Ang, J. B. (2008), “Determinants of Foreign Direct Investment in Malaysia”, Journal of Policy Modelling, 30(1): 185-189.
  • Anyanwu, J. C. (2011), “Determinants of Foreign Direct Investment Inflows to Africa, 1980-2007”, Working Paper No. 136, African Development Bank.
  • Arellano, M. and Bond, S. (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58: 277-297.
  • Arellano, M. and Bover, O. (1995), “Another Look at the Instrumental Variable Estimation of Error-components Models”, Journal of Econometrics, 68: 29Asiedu, E. (2006), “Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability”, The World Economy, 29(1): 63-77.
  • Baltagi, B. H., Egger, P. and Pfaffermayr, M. (2008), “Estimating Regional Trade Agreement Effects on FDI in an Interdependent World”, Journal of Econometrics, 145(1-2): 194-208.
  • Bartels, F. L. and De Crombrugghe, S.A. (2009), “FDI Policy Instruments: Advantages and Disadvantages, Working Paper No.1, UNIDO.
  • Bencivenga, V. R. and Smith, B. D. (1991), “Financial Intermediation and Endogenous Growth”, Review of Economics Studies, 58(2): 195-209.
  • Bengoa, M. and Sanchez-Robles, B. (2003), “Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America”, European Journal of Political Economy, 19: 529-545.
  • Bilgili, F., Tülüce, N.S.H. and Dogan, I. (2012), “The Determinants of FDI in Turkey: A Markov Regime-Switching Approach”, Economic Modelling, 29: 1161-1169.
  • Blundell, R. and Bond, S. (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87: 1151
  • Bond, S., Hoeffler, A. and Temple, J. ( 2001), “GMM Estimation of Empirical Growth Models”, Center for Economic Policy Research, Discussion Papers, No. 3048.
  • Borensztein, J., De Gregoria, J. and Lee, J. W. (1998), “How Does Foreign Direct Investment Affect Economic Growth?”, Journal of International Economics, 45: 115-135.
  • Busse, M. and Hefeker, C. (2007), “Political Risk, Institutions and Foreign Direct Investment”, European Journal of Political Economy, 23(2): 397-4
  • Campos, N. F and Kinoshita, Y.J. (2003), “Why Does FDI Go Where it Goes?: New Evidence from the Transition Economies”, IMF Working Paper, WP/03/228, November.
  • Campos, N. F. and Kinoshita, Y.J. (2008), “Foreign Direct Investment and Structural Reforms: Evidence from Eastern Europe and Latin America”, IMF Working Paper, No.08, International Monetary Fund.
  • Chakrabarti, A. (2001), “The Determinants of Foreign Direct Investment: Sensitivity Analyses of Cross-Country Regressions, Kyklos, 54: 89-114. Dees, S. (1998), “Foreign Direct Investment in China: Determinants and Effects”, Economics of Planning, 31: 175-194.
  • Desai, M. A., Foley, C. F. and Hines, J. R. (2006), “Capital Controls, Liberalizations, and Foreign Direct Investment”, The Review of Financial Studies, 19(4): 1433-1464.
  • Dunning, J. H. (1981), “Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Developmental Approach”, Weltwirtschaftliches Archiv, 122: 667­677.
  • Dunning, J. H. (1993), Multinational Enterprises and the Global Economy, Workingham: Addison Wesley.
  • Dutta, N. and Roy, S. (2011), “Foreign Direct Investment, Financial Development and Political Risks”, The Journal of Developing Areas, 44(2): 303-327.
  • Edwards, S. (1992), “Trade Orientation, Distortions and Growth in Developing Countries”, Journal of Development Economics, 39: 31-57.
  • Edwards, S. (1990), “Capital Flows, Foreign Direct Investment, and DeptEquity Swaps in Developing Countries”, NBER Working Paper, No. 34
  • Gast, M. (2005), Determinants of Foreign Direct Investment of OECD Countries 1991-2001, Paper prepared for presentation at the 99th seminar of the EAAE (European Association of Agricultural Economists), ‘The Future of Rural Europe in the Global Agri-Food System’, Copenhagen, Denmark, August 24-27.
  • Gast, M. and Herrmann, R. (2008), “Determinants of Foreign Direct Investment of OECD Countries 1991-2001”, International Economic Journal, 22(4): 509-524.
  • Gastanaga, V. M., Nugent, J. B. and Pashamova, B. (1998), “Host Country Reforms and FDI Inflows: How Much Difference Do They Make?”, World Development, 26(7): 1299-1314.
  • Giles, J. A. and Williams, C. L. (2000), “Export-Led Growth: A Survey of the Empirical Literature and Some Noncausality Results”, Part 1, Journal of International Trade and Economic Development, 9: 261-337.
  • Henry, P. B. (2000), “Do Stock Market Liberalizations Cause Investment Booms?”, Journal of Financial Economics, 58(1-2): 301-334.
  • Hussain, F. and Kimuli, C. K. (2012), “Determinants of Foreign Direct Investment Flows to Developing Countries”, SBP Research Bulletin, 8(1): 13-31.
  • Hymer, S. H. (1976), The International Operations of National Firms: A Study of Direct Foreign Investment, Cambridge, MA: The MIT Press. Im, K.S., Pesaran, M.H. and Shin, Y. (2003), “Testing for Unit Roots in Heterogenous Panels”, Journal of Econometrics, 115: 53-74.
  • Katırcıoglu, S.T. and Naraliyeva, A. (2006), “Foreign Direct Investment, Domestic Savings and Economic Growth in Kazakhstan: Evidence From Cointegratıon and Causality Tests”, Investment Management and Financial Innovations, 3(2): 34-45.
  • Khamfula, Y. (2007), “Foreign Direct Investment and Economic Growth in EP and IS Countries: The Role of Corruption”, The World Economy, 30(12): 1843-1854.
  • Kholdy, S. and Sohrabian, A. (2005), “Financial Markets, FDI, and Economic Growth: Granger Causality Tests in Panel Data Model”, Working Paper, California State Polytechnic University.
  • Kinda, T. (2010), “Investment Climate and FDI in Developing Countries: FirmLevel Evidence”, World Development, 38(4): 498-513.
  • Kravis, I. B. and Lipsey, R. E. (1982), “The Location of Overseas Production for Exports by US Multinational Firms”, Journal of International Economics, 12: 201-223.
  • Krugman, P. and Helpman, E. (1988), Imperfect Competition and International Trade: Evidence from Fourteen Industrial Countries, Cambridge: Harvard University Press.
  • Lee, C. and Chang, C. (2009), “FDI, Financial Development, and Economic Growth: International Evidence”, Journal of Applied Economics, 12(2): 249-2
  • Lim, D. (1983), “Fiscal Incentive and Direct Foreign Investment in Less Developed Countries”, The Journal of Development Studies, 19: 2072
  • Maddala, G.S. and Wu, S. (1999), “A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test”, Oxford Bulletin of Economics and Statistics, 61: 631-652.
  • Mc Kinnon, R. (1973), Money and Capital in Economic Development, Washington, DC: Brookings Institution.
  • Mc Millan, S. (1999), Foreign Direct Investment in Three Regions of the South at the End of the Twentieth Century, Macmillan Press, London.
  • Mudakkar, S.R., Zaman, K., Shakir, H., Arif, M., Naseen, I. and Naz, L. (2013), “Determinants of Energy Consumption Function in SAARC Countries: Balancing the odds”, Renewable and Sustainable Energy Reviews, 28: 566-5
  • Mundell, R. A. (1957), “International Trade and Factor Mobility”, American Economic Review, 47: 321­335.
  • Obwona, M. (2001), “Determinants of FDI and Their Impact on Economic Growth in Uganda”, African Development Review, 13: 46-81.
  • OECD (2012), OECD International Direct Investment Statistics, OECD Publishing.
  • OECD (2013a), OECD Factbook: Economic, Environmental and Social Statistics, http://www.oecd-ilibrary.org/sites/factbook-2013-en/ 04/02/01 /index.html?itemId=/content/chapter/factbook-2013-34-en (Erişim tarihi: 14.11.2013)
  • OECD (2013b), FDI in Figures, http://www.oecd.org/daf/inv/investmentpolicy/FDIinFiguresOctober2013.pdf (Erişim tarihi: 13.11.2013)
  • Onyeiwu, S. and Shrestha, H. (2004), “Determinants of Foreign Direct Investment in Africa”, Journal of Developing Societies, 20(1): 89-106.
  • Özcan, B. ve Arı, A. (2010), “Doğrudan Yabancı Yatırımların Belirleyicileri Üzerine Bir Analiz: OECD Örneği”, Ekonometri ve İstatistik, 12: 65-88. Peroviç, L.M. and Golem, S. (2013), “The Determinants of Sectoral Inward FDI Performance Index in OECD Countries”, International Journal of Economics and Finance Studies, 5(2): 35-44.
  • Piteli, E. E. N. (2009), “Foreign Direct Investment in Developed Economies: A Comparison between European and Non-European Countries”. Working Paper, No. 44, DYNERG.
  • Poelhekke, S. and van der Ploeg, F. (2008), “Growth, Foreign Direct Investment and Urban Concentration: Unbundling Spatial Lags”, DNB Working Paper Working Paper, No. 195/2008.
  • Rajan, R. J. and Zingales, L. (2003), Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity, Princeton University Press, Princeton, NJ.
  • Sadorsky, P. (2011), “Financial Development and Energy Consumption in Central and Eastern European Frontier Economies”, Energy Policy, 39: 999-1006.
  • Sahu, K.K. (2013), “Does Urbanisation Promote Foreign Direct Investment? Lessons and Evidences from China and India”, International Journal of Arts and Commerce, 2(3): 17-26.
  • Salahuddin, M., Shahbaz, M. and Chani, M. I. (2010), “A Note on Causal Relationship between FDI and Savings in Bangladesh”, Theoretical and Applied Economics, 11: 53-62.
  • Schneider, F. and Frey, B. (1985), “Economic and Political Determinants of Foreign Direct Investment”, World Development, 13(2): 161-175.
  • Sekkat, K. and Veganzones-Varoudakis, M. A. (2007), “Openness, Investment Climate, and FDI in Developing Countries”, Review of Development Economics, 11(4): 607-620.
  • Sevestre, P. (2008), The Econometrics of Panel Data: Fundamentals and Recent Developments in Theory and Practice, Springer, Netherlands. Shaw E. (1973), Financial Deepening in Economic Development, New York: Oxford University Press.
  • Sit, V.F.S. (2001), “Globalization, Foreign Direct Investment, and Urbanization in Developing Countries”, World Bank Discussion Paper, No. 415, 11
  • Trevino, L. J., Thomas, D. E. and Cullen, J. (2008), “The Three Pillars of Institutional Theory and FDI in Latin America: An Institutionalization Process”, International Business Review, 17(1): 118-133.
  • UNCTAD (2012), World Investment Report: Towards A New Generation of Investment Policies, Genova.
  • Voyer P. A. and Beamish P. W. (2004), “The Effect of Corruption on Japanese Foreign Direct Investment”, Journal of Business Ethics, 50: 211-224.
  • Waldkirch, A. (2010), “The Effects of Foreign Direct Investment in Mexico since NAFTA”, World Economy, 33(5): 710-745.
  • Wei, S. (2000), “How Taxing is Corruption on International Investors?”, The Review of Economics and Statistics, 82(1): 1-11.
  • Wheeler, D. and Mody, A. (1992), “International Investment Location Decisions: The Case for U.S. Firms”, Journal of International Economics, 33: 57-76.
  • Yartey, C. A. and Adjasi, C. K. (2007), “Stock Market Development in SubSaharan Africa: Critical Issues and Challenges”, IMF Working Paper, No.07/209.
There are 70 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Murat Çetin

Fahri Seker

Publication Date February 3, 2014
Published in Issue Year 2014 Volume: 28 Issue: 1

Cite

APA Çetin, M., & Seker, F. (2014). TİCARİ AÇIKLIK VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLAR ÜZERİNDEKİ ETKİSİ: OECD ÜLKELERİ ÜZERİNE DİNAMİK PANEL VERİ ANALİZİ. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 28(1), 125-147. https://doi.org/10.16951/iibd.38447

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